Vaughn Company shows the following entries in its Equipment account for 2026. All amounts are based on historical cost. Equipment 2026 2026 Jan. 1 Balance 124,900 June 30 Aug. 10 Purchases 34,320 Cost of equipment sold (purchased prior to 2026) 23,920 12 Freight on equipment purchased 750 25 Installation costs 2,550 Nov. 10 Repairs 460 (a) Prepare correcting entry if necessary. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

Vaughn Company shows the following entries in its Equipment account for 2026. All amounts are based on historical cost. Equipment 2026 2026 Jan. 1 Balance 124,900 June 30 Aug. 10 Purchases 34,320 Cost of equipment sold (purchased prior to 2026) 23,920 12 Freight on equipment purchased 750 25 Installation costs 2,550 Nov. 10 Repairs 460 (a) Prepare correcting entry if necessary. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...

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ent-player/index.html?launchId=5e8570d9-7885-4557-a756-8a59bb69135c#/question Question 6 of 9 View Policies Current Attempt in Progress (a1) At the end of its first year, the trial balance of Blossom Company shows Equipment $23,100 and zero balances in Accumulated Depreciation Equipment and Depreciation Expense. Depreciation for the year is estimated to be $2,700. Date Prepare the annual adjusting entry for depreciation at December 31. (List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Dec. 31 WP NWP Assessment Player Ul Ap X + Account Titles and Explanation eTextbook and Medial List of Accounts Save for Later -/15 : Debit Credit Attempts: 0 of 3 used (a2) The parts of this question must be completed in order. This part will be available when you complete the part above. (a3) The parts of this question…
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Complete the Form 4562 using the following information provided. Himple RetailFixed Asset Rollforward12/31/2019(book basis) DEPR COST 2017 2018 2019 ACCUM NET BOOK ASSET IN SERVICE METHOD LIFE BASIS DEPR DEPR DEPR DEPR VALUE CASH REGISTER 2/15/2017 SL 5 9,900.00 1,815.00 1,980.00 1,980.00 5,775.00 4,125.00 2017 TOTAL ADDITIONS 9,900.00 1,815.00 1,980.00 1,980.00 5,775.00 4,125.00 RETAIL FIXTURES 10/12/2018 SL 7 4,750.00 169.64 678.57 848.21 3,901.79 FURNITURE 10/12/2018 SL 7 3,900.00 139.29 557.14 696.43 3,203.57 2018 TOTAL ADDITIONS 8,650.00 - 308.93 1,235.71 1,544.64 7,105.36 TOTAL 18,550.00 1,815.00 2,288.93 3,215.71 7,319.64 11,230.36 DELIVERY TRUCK 6/1/2019 SL 5 37,500.00 4,375.00 4,375.00 33,125.00 DESK AND CABINETRY 6/1/2019 SL 7 11,900.00 991.67 991.67 10,908.33 COMPUTER 6/1/2019 SL 5 2,800.00 326.67 326.67 2,473.33 2019 TOTAL ADDITIONS 52,200.00 - - 5,693.34 5,693.34 46,506.66 TOTAL…
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000
Blue Company shows the following entries in its Equipment account for 2021. All amounts are based on historical cost. Equipment 2021 2021 Jan. 1 Balance 126,630 June 30 Cost of equipment sold Aug. 10 Purchases 31,540 (purchased prior to 2021) 21,250 12 Freight on equipment purchased 820 25 Installation costs 2,510 Nov. 10 Repairs 450 Assuming that company policy is to charge a full year depreciation in the year of purchase and the year of sale, compute the proper depreciation charge for 2021 under each of the methods listed below. Assume an estimated life of 10 years, with no salvage value. The machinery included in the January 1, 2021, balance was purchased in 2019. (Round answers to 0 decimal places, e.g. 45,892.) (1) Straight-line $ (2) Sum-of-the-years'-digits
The below is an extract from the fixed asset register of ABC Ltd as at 31 December 2019Date of PurchaseCost useful lifeLand 1-Jan-30 6,000,000.00 0Building 28-Feb-17 2,000,000.00 20Vehicle: 650,000.00Toyota Hilux 1-Oct-19 350,000.00 5Ford Ranger 30-Jun-17 300,000.00 5Furniture and Fittings 1-May-20 150,000.00 2Activities throughout the 2020 Financial Period:1. New Machinery have been purchased on 01 April 2020 at a Cost of N$ 4000,000.The machinery has been installed on the 15 April 2020 and was available for use on the 01 May 2020. Machinery is the only property plant and equipment of the company that is measured according to the revaluation method.1.1. On the 30th of October 2020 management decided to revalue the machinery due to a drastic decline in the revenue from sale of machinery produced inventory.Net replacement cost for the machine as at the 30th of October 2020 is N$2 000 000.2. The Toyota Hilux was involved in an accident on 1 October 2020 due to the floods and was written…
How do I figure out the depreciation amount for the sum of the years digit method
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How do I prepare this journal entry
Culver Company shows the following entries in its Equipment account for 2018. All amounts are based on historical cost. Equipment 2018 2018 Jan. 1 Balance 127,740 June 30 Cost of equipment sold Aug. 10 Purchases 31,390 (purchased prior to 2018) 24,840 12 Freight on equipment purchased 720 25 Installation costs 2,930 Nov. 10 Repairs 480 Prepare correcting entry if necessary. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT Assuming that depreciation is to be charged for a full year on…